The Maximum Amount an Individual Can Contribute to His or Her

question 170

Short Answer

The maximum amount an individual can contribute to his or her Registered Retirement Savings Plan (RRSP) for a year is set from time to time by the Regulations of the Income Tax Act. For the year 2013, the maximum contribution was the lesser of $23,820 or 18% of the individual's "earned income" during 2012. What was the lowest amount of earned income for 2012 at which an individual could make a full $23,820 contribution in 2013? (Round to the nearest dollar.)

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